Is Fantom (FTM) Worth Buying In 2023?

Last Updated January 5th 2023

7 Min Read

Wondering if Fantom is worth investing in this year? Use this guide below and get your questions answered.

The short of it is YES, Fantom is worth buying investing in this year because it has performed exemplarity well throughout the year and ranks highly among the most promising Ethereum killers. In an year, the value of the FTM token has shot up by more than 1,800%, and multiple experts are confident that it could rise by a further 4,600% in the next 10 years to reach $100.

Additionally, Fantom has one of the most innovative blockchain technologies, and it continues onboarding developers and off-chain brands. The programs and protocols they develop on the Fantom network are expected to draw in users and raise the demand for FTM tokens, which in turn pushes up their value over time.

Fundamental and technical analysts, as well as investor and social media sentiment indicators, are also hugely bullish on Fantom’s future price action. And even as we advise you to conduct your own thorough research of the crypto asset before investing in it, we must admit that these are some of the metrics that every investor/trader looks at when deciding if a token is worth buying - and they are currently sending out strong buy signals.

But before we highlight more reasons why you should consider buying Fantom in 2023, why don’t we have a closer look at what Fantom blockchain and token are and explore some of the factors that make it so popular today.

What Is Fantom (FTM)?

The Fantom Foundation - which created and maintains Fantom Blockchain - describes it as “a fast and high throughput contract platform for digital assets and DApps.” It was originally created in 2018 but launched its mainnet, known as OPERA, in December 2019.

Fantom is similar to Ethereum in the sense that it also seeks to decentralize the internet by providing everyone with a reliable platform on which they can build highly secure and highly efficient decentralized applications and programs. But it also is different from Ethereum and other Ethereum killers by chasing interoperability.

It achieves this by being EVM (Ethereum Virtual Machine) compatible, implying that its Dapps and tokens can be easily shared with or transferred to Ethereum. Plus, it uses multi-chain technology to bridge and allow for the sharing of data between Fantom OPERA and other multi-chain capable blockchains like Chainlink and Ethereum.

But what really sets Fantom blockchain apart and piques investor interest is its use of the Lachesis consensus algorithm, which is a part of the Asynchronous Byzantine Fault Tolerant (aBFT) family of consensus algorithms. This seeks to solve the blockchain Trilemma (a term coined by Ethereum co-founder Vitalik Buterin to describe the challenge of coming up with a single-layered blockchain that guarantees security, scalability, and decentralization simultaneously).

The Fantom token (FTM), on the other hand, is the native token to the Fantom blockchain that facilitates transactions within the network.

Now, after understanding what Fantom is, we now need to look at why its popularity is soaring today.

Check Out: What Is Fantom? Should You Invest In FTM And Where To Buy It?

Why Is Fantom (FTM) So Popular Right Now?

Fantom is popular today because of its highly innovative blockchain technology and the fact that it has successfully leveraged the Ethereum killer hype.

While the earliest Ethereum killers like Cardano and Solana sought to outcompete Ethereum when it comes to processing speeds, more developer-friendly platforms, and transaction costs, Fantom encompasses all these and solves the trilemma challenge without the need for a multi-layered blockchain or parachains.

This has made it hugely popular with developers and off-chain brands that are looking for an Ethereum alternative. Some crypto experts have even described it as the ultimate Ethereum killer - the one that finally slays Ethereum, accomplishing what the likes of Cardano and Solana have been unable to do.

Other factors that make Fantom popular today include its wild price action that has seen its token’s value grow by more than 13,500% in the year to date. Additionally, partnerships with blockchain-based technologies like Yearn.Finance, the launch of Decentralized apps, and NFTs (like the collaboration with Pierre Gasly to sell the first Formula 1 driver NFTs) have kept it in the news, which goes a long way in inciting its popularity.

Crypto asset investing is highly volatile and unregulated in some EU countries. No consumer protection. Tax on profits may apply.

So, Is Fantom (FTM) Worth Buying In 2023?

Yes, because in addition to its soaring popularity, Fantom token prices are expected to continue rising over the short and longer terms. The altcoin has already been uptrending for the last three months and even set a new all-time high of $2.48 on 19th October 2021.

By the end of the year, PricePrediction.Net expects FTM Tokens to set a new all-time high by reaching $2.53 while Gov Capital indicates that it could end 2023 trading around $4.27, both of which say that the altcoin is a good short term buy.

Over the longer term, technical analysis by the CryptocurrencyPricePrediction website indicates that the FTM token could be selling around $115 by the end of 2030. This then makes today the best time to invest in FTM if you wish to maximize on the 5,300%+ gain that the coin is expected t make for the next 8 years.

Why Should You Buy Fantom (FTM)?

Fantom is turning out to be one of the most potent cryptocurrencies, and crypto experts aren’t short of reasons why every investor and trader should be adding it to their investment portfolio. Here we share the three most common with you:

Its popularity is soaring: Unlike equally new but meme-influenced crypto coins like Dogecoin and Shiba Inu, Fantom has the backing of a blockchain with practical use cases. It has, in effect, attracted multiple partnerships and investor interest, which has seen its social media following increase tremendously and its and daily trade volume erupt, taking up with them the FTM token prices.
It is a good long-term investment: In the less than 3 years that FTM tokens have been around, they have earned their earliest investors a net positive ROI of 14,400%. Over the next few years, it is expected to extend this value appreciation as experts speculate on its likelihood of hitting $30 in the next 5 years and breaking above $100 in the next 10 years.
It is a liquid crypto asset: Fantom is already listed with multiple exchanges, and more are expected to list it in the coming days. This makes it accessible and easy to convert to fiat and other cryptocurrencies.

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Risks Associated With A Fantom (FTM) Investment?

Like all other cryptocurrencies and conventional investments by extension, investing in Fantom carries its fair share of risks. Here are the three most talked about:

Highly volatile: Fantom is turning out to be a highly volatile crypto asset, and gaining or losing value in double-digit percentages is becoming all too common. The good thing is that it has maintained an overall uptrend, which implies that it will almost always recover these dips no matter how drastic they may seem.
Stiff competition: Fantom is competing for market share against Ethereum that has had a 6-year head start as a smart blockchain niche. It is also competing against hugely popular Ethereum killers like Cardano and Solana, and we expect even more blockchains that seek to solve the trilemma to pop up. All these make its rise to the top and the value gain of its tokens all the more difficult.
Price correlation with market performance: Fantom prices, like those of most other digital assets, are overly dependent on the performance of the overall crypto market, which in turn takes a cue from Bitcoin’s price action. This is dangerous because even with all its innovative technology and collaborations, it will have a hard time growing its value if Bitcoin is stuck in a dip.

Conclusion: Should You Buy Fantom (FTM) In 2023?

Well, the decision to invest in a cryptocurrency like Fantom and or not should be personal and informed by own research of the crypto asset and proper examination of its future price action. We would nevertheless like to point out that Fantom has all the features of a viable investment. It has performed extraordinarily well in the past, its community of supporters is growing rapidly, it has the backing of one of the most innovative blockchain technologies, and its prices are expected to continue rallying - all of which make it a must-have for any crypto investor/trader.